The circumstances surrounding the mysterious $16 million withdrawal from Pepecoin‘s multisig wallet appear to have been revealed. An announcement claims three former team members went rogue and stole the funds.
On August 24th, PEPE’s price dropped 15% as the community noticed the sizable withdrawal from Pepe’s multisig wallet sent to exchanges, sparking rug pull fears.
However, a statement from one of Pepecoin’s anonymous founding members blamed the unauthorized transfer on three ex-members who allegedly stole the tokens and abandoned the project.
Per the announcement, the multi-sig required 3 of 4 signers, but the three came back, drained 60% of the reserves, and revoked their access. This supposedly gave the sole remaining member full control.
While promising the remaining 10 trillion PEPEs are safe, the founder admitted internal strife had plagued the project. They look forward to operating free of negligent members blocking progress.
Reactions ranged from supportive to skeptical about the claims. PEPE’s price has since rebounded nearly 6% but uncertainty persists.
The alleged multisig exploitation further highlights the risks and complexities of anonymous team members in DeFi projects. While the details remain unclear, the Pepecoin drama illustrates the vulnerability of relied-upon honor systems.
#DeFi #Pepe #Multisig
